Economy

SIDBI launches quick credit delivery schemes to support Covid-19 preparedness

Our Bureau Mumbai | Updated on April 30, 2021

These schemes envisage 100 per cent funding up to an amount of ₹2 crore to an MSME unit

Small Industries Development Bank of India (SIDBI) has launched two new quick credit delivery schemes to provide funding for production and services related to supply of oxygen cylinders, oxygen concentrators, oximeters and essential drugs.

SIDBI, in a statement, said new initiatives -- SHWAS (SIDBI assistance to Healthcare sector in War Against Second wave of COVID19) and AROG (SIDBI Assistance to MSMEs for Recovery & Organic Growth during COVID19 pandemic) -- are being launched for helping MSMEs quickly augment their facilities, which help the nation in augmenting capabilities to fight the pandemic.

These schemes envisage 100 per cent funding up to an amount of ₹2 crore to an MSME unit at an attractive interest rate of 4.50-6 per cent, within 48 hours after receipt of all the documents / information.

SAFE Scheme

Last month, SIDBI had launched SIDBI Assistance to Facilitate Emergency response against corona virus (SAFE) scheme.

SAFE scheme provides financial support to all MSMEs engaged in manufacturing of any product or providing any services which are related to fighting Corona virus (such as, hand sanitisers, masks, body suits, ventilators, testing labs, etc.).

The statement said more than 400 MSME units producing products to fight Covid-19 have been sanctioned financial assistance under SAFE (total amount of ₹178 crore) in FY2021.

Published on April 30, 2021

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